MARKET OVERVIEW
A weak bounce in the market this week, which lifted stocks modestly off their lows though most stocks are struggling to recover a significant portion of their recent losses.
Tonight, Meta Platforms (
META
) is adding more downside pressure on growth stocks after it announced weak guidance numbers and the stock collapsed $75 lower in afterhours trading.
Let’s start the charts with Nasdaq-100 above (QQQ)
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META
SMTC
Constructive pattern. Closed just above the $33 buy point, however I would like to see more volume pick up from here.
MSFT
The stock needs strong earnings today to get past $431 would be a place to open a position. However, slicing through the support level at $395 is a sell short point for aggressive traders
GOOGL
Massive weekly Cup with Handle base. Earnings are coming today. Technical buy place is $160.25 if earnings are good and we have good volume.
KLAC
This company reports earnings tomorrow. A move above the $687 is a buy point. However, weak earnings below $680 is a logical short.
NVDA
Bounced to the 50D SMA (red) and turned down. Aggressive play for the intraday traders is a move over the $880 on a strong volume.
GS
GS is just a little bit extended over the proper buy point. If the market starts rallying this could be a good short trade. I would be extra tight with stops here (around $414 level) if I was to play this.
BTCUSD
Bitcoin is performing a tight pivot. Over the blue line is a technical buy point (if we have good volume too)
A weak bounce in the market this week, which lifted stocks modestly off their lows though most stocks are struggling to recover a significant portion of their recent losses.
Tonight, Meta Platforms (
META
) is adding more downside pressure on growth stocks after it announced weak guidance numbers and the stock collapsed $75 lower in afterhours trading. Let’s start the charts with Nasdaq-100 above (QQQ)
––––––––––––––––––––––––––––––––––––––––––––––––––––
META
SMTC
Constructive pattern. Closed just above the $33 buy point, however I would like to see more volume pick up from here.
MSFT
The stock needs strong earnings today to get past $431 would be a place to open a position. However, slicing through the support level at $395 is a sell short point for aggressive traders
GOOGL
Massive weekly Cup with Handle base. Earnings are coming today. Technical buy place is $160.25 if earnings are good and we have good volume.
KLAC
This company reports earnings tomorrow. A move above the $687 is a buy point. However, weak earnings below $680 is a logical short.
NVDA
Bounced to the 50D SMA (red) and turned down. Aggressive play for the intraday traders is a move over the $880 on a strong volume.
GS
GS is just a little bit extended over the proper buy point. If the market starts rallying this could be a good short trade. I would be extra tight with stops here (around $414 level) if I was to play this.
BTCUSD
Bitcoin is performing a tight pivot. Over the blue line is a technical buy point (if we have good volume too)
